On Thursday, the Australian dollar, supported by related markets, overcame the strong resistance at 0.6691, reinforced by the MACD line on the daily chart. The growth continued to the target level of 0.6727. After a respite, the price may continue to rise to 0.6801. The Marlin oscillator, which has moved into positive territory, is helping it in this regard.
Considering the upcoming Federal Reserve meeting, one can assume a sideways price movement, albeit within a wide range of 0.6640–0.6727, representing the price winding around the MACD line and the 0.6691 level. In other words, the price's move below the MACD line with consolidation, which occurred on the 9th-11th, and the breakout above the MACD line are false signals. The Marlin oscillator is already showing signs of returning below the zero line.
In the four-hour chart, the price has consolidated above the MACD line and the 0.6727 level amid active oscillator growth. These signs increase the likelihood of the price sustaining its rise. However, we have doubts about whether to use this small difference to open positions. We await the Fed meeting.
